Russian Bank Launches New Cross-Border Crypto Payments System: Report – Crypto News – Crypto News
Connect with us
US Congressman Says 'Crypto Bros' Preventing Legislation by Flooding Washington With Lobbying Money US Congressman Says 'Crypto Bros' Preventing Legislation by Flooding Washington With Lobbying Money

others

Russian Bank Launches New Cross-Border Crypto Payments System: Report – Crypto News

Published

2 years ago

on

One of Russia’s biggest banks is reportedly launching a new cross-border payments system utilizing crypto assets.

According to a recent reports By the Russian publication Vedomosti, a representative of Rosbank says that the institution is already conducting test transactions with private and corporate clients.

Although it isn’t clear which digital assets the bank will support for cross-border payments, Russian fintech group B-crypto will be handling the technical aspects of the new protocol.

To use the service, clients must undergo a KYC (know-your-customer) verification process with both the bank and B-crypto, according to a reports by the RBC Group.

In the report, Alexey Voylukov, the vice president of the Association of Banks of Russia, says that crypto-focused cross-border payments are generally offered by smaller banks and that large-scale institutions have yet to adopt such services.

First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin notes that cross-border payments are not slated to become a full-time remedy for international payments.

Late last year, the US Department of the Treasury sanctioned Rosbank, as well as Vladimir Potanin, is believed to be Russia’s richest man and the bank’s owner, in an effort to limit Moscow’s ability to fund its war against Ukraine.

In the RBC Group report, attorney Eduard Davydov, senior partner at Emet Law Firm, says that the cross-border payment system could potentially be a way for Rosbank to circumvent the sanctions placed on it.

Don’t Miss a Beat SUBSCRIBE to get crypto email alerts delivered directly to your inbox

check price action

Follow us on Twitter, facebook and Telegram

surfing The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Kampan/Nikelser Kate

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending